Employment Report Disappoints but Probably Won’t Delay Federal Reserve’s Tapering Plan

The September employment report disappointed analysts; will it also complicate the Federal Reserve’s plan to begin withdrawing the monetary support that has cushioned the economy throughout the pandemic?

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As signs of the times go, this recent headline in the New York Times Sunday magazine could not have been a welcome one for mortgage lenders: “Just Walk Away.” That’s the advice contributing writer Roger Lowenstein offered to homeowners with under water mortgages, telling those who are able to make their mortgage payments that it may not be in their financial self-interest not to do so.

Turning a largely but not entirely deaf ear to warnings about over-regulating the financial industry, the House of Representatives has approved sweeping changes in the oversight of financial institutions.

The Congressional session will resume this month pretty much where it ended before the holiday recess, with lawmakers trying to decide how to reshape the financial regulatory structure. 

The Treasury Department has received its first report card – actually two report cards -- on the management of the financial industry bail-out program (TARP). And the grades on both were poor. Both the Government Accountability Office and the Congressional panel overseeing the program found much to criticize in Treasury’s design, administration, implementation and evaluation of the $700 billion program.